Question

In a​ state's Pick 3 lottery​ game, you pay ​$1.32 to select a sequence of three digits​ (from 0 to​ 9), such as 233. If you select the same sequence of three digits that are​ drawn, you win and collect ​$496.85. Complete parts​ (a) through​ (e). a. How many different selections are​ possible? nothing b. What is the probability of​ winning? nothing ​(Type an integer or a​ decimal.) c. If you​ win, what is your net​ profit? ​$ nothing ​(Type an integer or a​ decimal.) d. Find the expected value. ​$ nothing ​(Round to the nearest hundredth as​ needed.) e. If you bet $ 1.32 in a certain​ state's Pick 4​ game, the expected value is negative $ 0.82. Which bet is​ better, a ​$1.32 bet in the Pick 3 game or a $ 1.32 bet in the Pick 4​ game? Explain. A. Neither bet is better because both games have the same expected value. B. The Pick 3 game is a better bet because it has a larger expected value. C. The Pick 4 game is a better bet because it has a larger expected value.

Answer 1